From Investor to Scalper – series of studies created in cooperation with broker BDSwiss, in which we take a financial instrument and the analysis includes a detailed look at the value from the monthly chart and ending with 5/15 minutes.
AUDCAD currency pair for a long time moves in a fairly large consolidation between the levels of 0.7500 – 1.1050. In October 2008 there was a trial of breaking the bottom of this consolidation, but it turned out unsuccessful, however, as a result of which a dynamic drop established the new historical minima.
Looking at the weekly chart, we see that at the beginning of November, the market rejected resistance at 1.0330 and therefore soon we can expect declines, for which the potential target could be even around the level 0.9170.
On the daily chart, we see that the November decline reached perfectly a level of the momentum of 50% Fibonacci correction of previous increases. Currently is re-testing from the bottom recently defeated local level of support (now resistance), whose rejection would cause a continuation of declines.
Looking at the chart H4 we can see that the potential upward correction could reach a little further to 1.0058 resistance and located in its neighborhood level 38.2% Fibonacci correction.
The analysis was performed on the platform Broker BDSwiss that offers levers to 1: 500 and low spreads
Continuation of growth in the near future could suggest yesterday’s breaking the downtrend line, and today’s defeat of the re-tested current level of 0.9984. It is worth noting that the growth dynamics not suggest that it was a new impulse but only deeper correction.
On the M15 chart we see that the currently tested support also coincides with measuring the 50% Fibo correction of the last pulse of growth.
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